Setup Terms


The Setup Terms area of the Account Setup tab is the place to go to enter the terms of a loan and to configure how it will accrue interest, calculate escrow, and generally define what the loan is. If the loan has been activated, you can view information about the loan in the setup terms area. Otherwise, you can enter data here.

Edit View

The edit view lets you enter data into each of the following areas:  Loan TermsEscrow Calculator, Additional Information, and  Late Fee Configuration.

Activated View

When a loan has been activated, the view on this page will show you a summary of the numbers for the loan including: APR, Finance Charge, the Amount Financed, the Total of Payments, and the Total Sales Price. This view also includes a simple version of the payment schedule. For a more detailed schedule of payments, see  Transactions Report.

The bottom section of the activated view will show you specific numbers and settings for different aspects of the loan.

Loan Terms

The Loan Terms section shows the main terms used to create the loan. These include:

  • Total Amount – The original loan amount. This does not include the Underwriting Fee.
  • Interest Rate – The interest rate for the loan. This will include the interest rate frequency.
  • Contract Date – This is the date the loan will start.
  • First Payment Date – The date the first payment will come due on the loan.
  • Discount – Any part of the Total Amount that wasn’t included in the funding check that will become revenue to the lender.
  • Underwriting/Refinance Fee – Any origination, underwriting, or refinance fees applied to the loan.
  • Payment Frequency – The frequency with which payments come due.
  • Term – The number of payment periods in the loan.

Escrow Calculator

The Escrow Calculator section displays the information you input into the escrow calculator in order to calculate your  escrow adjustments. The following information is available for each  escrow bucket:

  • Percentage Base – You can calculate total escrow as a percentage of one of the other loan numbers. The percentage base tells you which number you chose.
  • Percentage – This is the percentage of the Percentage Base number that will equal the total escrow amount.
  • Total – This is the total amount of escrow that will be paid over the life of the loan. You can change the amount by manually adding  escrow adjustments or changing  escrow settings. Pro-Rate 1st Period – If the first period is longer or shorter than a regular payment period, you can choose whether to adjust the escrow amount that will come due in the first period based on how long or short it is.
  • Escrow Extend Final – If the loan term is extended for any reason, for example, the customer makes payments late or misses payments, you can choose whether escrow will still come due on payments that come due after the originally calculated loan term.
  • Term – This is the original scheduled number of loan periods during which escrow will come due.
  • Regular Period – This is the amount that will come due in escrow during a regular payment period.
  • First Period – This is the amount of escrow that will come due in the first payment period. If you have chosen to prorate the first-period escrow amount, it may be different than the regular period escrow. 

Additional Information

The additional information section contains different information depending on the type of loan you chose (i.e. automobile, real estate, consumer, other). It can potentially contain the following:

  • Net Amount Down – The downpayment made on the purchase of the loan collateral.
  • Sales Price – The sales price of the collateral.
  • Taxes – The taxes paid on the purchase of the collateral.
  • GAP Insurance – The amount paid for any GAP (guaranteed auto protection) insurance on the loan collateral.
  • Warranty – The amount paid for a warranty on the loan collateral.
  • Dealer Profit – The amount the dealership made (gross profit) on the sale of the loan collateral.
  • Reserve Amount – The amount held in reserve (part of the loan held back from the dealership) to insure against bad loans from a dealership.

This section also contains loan  custom fields.

Advanced Configuration

The Advanced Configuration section shows the advanced configuration settings chosen for the loan. The available information includes:

  • Loan Type – The type of the loan (i.e. installment, credit limit, flooring, lease)
  • Loan Category – The category of the loan (i.e. automobile, real estate, consumer, other).
  • Calculation Type – The interest calculation type of the loan (i.e. simple interest, interest-only, rule of 78, simple interest locked).
  • Accounting-Discount Split – Whether discount income will be recognized over the life of the loan.
  • First Period Days – The number of days on which interest should accrue in the first payment period of the loan.
  • Days in Year – The number of days in the year to use in interest calculations.
  • Beg/End – Whether interest should be calculated based on payments coming due at the beginning of the payment period or the end.
  • Interest Application – The way interest should be calculated for early or late payments and how payments should apply to interest.
  • Round – The number of decimal places that numbers should be rounded to during loan calculations.
  • Last As Final – If the calculated final payment date for a loan should be the actual final date of the loan.
  • First Day Interest – Whether interest should be accrued on the first day of the loan.
  • Schedule Round – The dollar amount that will be rounded off the end of the payment schedule.
  • Curtailment Date Template – A template that will define the dates of your flooring loan curtailments.
  • Suspend/Resume Interest – Whether interest should cease to accrue after the originally calculated final payment date of the loan.
  • Fees Paid By – Choose whether payments should apply only to fees that were assessed on or before the payment date, or whether they should apply to any fees assessed in the same payment period even if they are in the future.
  • Roll Schedule Template – A template that will help define the schedule of payments.
  • Due on Business Days – If payments come due on non-business days, you can choose to have the system adjust them to come due either on the most recent previous business day or the next business day.
  • Payment Date App – When a payment is made, have it apply to the loan based on the actual date the payment is made, or on the furthest-in-the-past, missed payment date.
  • NDD Calculation – Choose whether the amount past due should be calculated as the amount that has come due minus the amount paid, or the amount of interest that has come due minus the amount of interest paid.

Late Fee Configuration

This section show the selections made for  automatic late fees on the loan. This includes:

  • Late Fee Type – This selection lets you specify when the late fee is assessed.
  • Grace Period (Days) – The number of days after a payment comes due before a late fee comes due.
  • Late Fee – The amount of the late fee.
  • Late Fee Percentage Base – The number that the late fee percentage is based on.
  • Buckets Added to Late Fee Percentage Base – If the late fee percentage base is the regular payment amount, you can specify if escrow adjustments should be included in that amount.

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